DCIT, New Delhi V. M/s Punjab National Bank, New Delhi

ITA 32/DEL/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 3785 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 5 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-06-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 17-06-2010
• Assessment Year: 2002-2003
• Appeal Filed On: 07-01-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: V K TIWARI

Judgement Text

ITA NO. 32/DEL/2009 A.Y. 2002-03 1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH F NEW DELHI BEFORE SHRI A.D. JAIN, JUDICIAL MEMBER AND SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER I.T.A. NO. 32/DEL/2009 A.Y. : 2002-03 DY. COMMISSIONER OF INCOME TAX, VS. M/S PUNJ AB NATIONAL BANK, CIRCLE 14(1), ROOM NO. 415, 4 TH FLOOR, HO ACCOUNTS & TAXATION DEPTT., C.R. BUILDING, NEW DELHI 5, SANSAD MARG, NEW DELHI (PAN: AAACP0165G) [APPELLANT] (RESPONDENT) ASSESSEE BY : SHRI V.K. TIWARI, CIT (D.R.) DEPARTMENT BY : SHRI K. SAMPATH, ADV. PER SHAMIM YAHYA: AM THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONERS OF INCOME TAX (APPEALS) DATED 14.10.2 008 PERTAINING TO ASSESSMENT YEAR 2002-03. 2. AT THE THRESHOLD, WE NOTE THAT THIS APPEAL HAS BEEN FILED BY THE DEPARTMENT AGAINST THE PUBLIC SECTOR UNDERTAKING (P SU). LD. COUNSEL OF THE ASSESSEE PRODUCED BEFORE US A COPY OF THE MINUTES O F COMMITTEE ON DISPUTES (COD) HELD ON 08.09.2009 NO. COD/36/2009, WHEREIN T HE COMMITTEE DECLINED PERMISSION TO THE CBDT TO PURSUE THE APPEAL ON THE ISSUE OF BROKEN PERIOD INTEREST BY HOLDING AS UNDER: THE COMMITTEE AFTER HEARING BOTH THE PARTIES TO TH E DISPUTES WAS OF THE VIEW THAT THERE IS NO INFIRMITY IN THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) IN DELETING TH E ADDITION MADE ITA NO. 32/DEL/2009 A.Y. 2002-03 2 BY THE ASSESSING OFFICER ON ACCOUNT OF BROKEN PERI OD INTEREST. IT THEREFORE, DECLINED THE PERMISSION TO THE CBDT TO P URSUE THE APPEAL BEFORE THE ITAT. 3. ACCORDINGLY, THE DEPARTMENT HAS NOT BEEN GRANTE D PERMISSION BY THE COMMITTEE ON DISPUTES TO PURSUE THE APPEAL. LD. D EPARTMENTAL REPRESENTATIVE FAIRLY AGREED TO THIS PROPOSITION. HENCE, THE APPEA L FILED BY THE REVENUE IS NOT MAINTAINABLE. ACCORDINGLY, THE SAME STANDS DISMI SSED. 4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 17/06/2010. SD/- SD/- [A.D. JAIN] [SHAMIM YAHYA] JUDICIAL MEMBER ACCOUNTANT MEMBER DATE 17/06/2010 SRB COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR, ITAT TRUE COPY BY ORDER, DEPUTY REGISTRAR, ITAT, DELHI BENCHES